SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Wednesday's session are Paychex Inc., Abercrombie & Fitch Co., and AngioDynamics Inc.
Linn Energy LLC (LINE) is expected to report fourth-quarter earnings of 39 cents a share, according to a survey of analysts by Thomson Financial.
Paychex (PAYX) is expected to post earnings of 35 cents a share for the third quarter.
Resources Connection Inc. (RECN) is expected to report third-quarter earnings of 27 cents a share.
Smart Modular Technologies Inc. (SMOD) is expected to post earnings of 21 cents a share for the second quarter.
Sonic (SONC) is expected to report second-quarter earnings of 14 cents a share.
UniFirst Corp. (UNF) is expected to post earnings of 44 cents a share for the second quarter.
After Tuesday's closing bell, Standard & Poor's said it will add Abercrombie & Fitch (ANF) to the S&P 500 index on Wednesday, replacing Univision Communications Inc. (UVN) , which is being acquired by an investor group.
Accenture Ltd. (ACN) reported second-quarter net earnings of $296.7 million, or 47 cents a share, up from $69.7 million, or 11 cents a share, during the year-ago period. The management consulting, technology services and outsourcing company posted total revenue, including reimbursements, of $5.17 billion vs. $4.49 billion. Analysts polled by Thomson Financial had forecast second-quarter earnings of 42 cents a share on revenue of $4.69 billion. Adjusted earnings last year were 37 cents a share. Gross margin for the current quarter was 29.6 percent vs. 21.2 percent a year ago. New bookings for the quarter were $5.33 billion. Additionally, Accenture said it expects third-quarter net revenue in the range of $4.9 billion to $5.1 billion. For fiscal 2007, the company said it now sees net revenue growth at the high end of its previous outlook of 9 percent to 12 percent in local currency. Accenture also said it now expects per-share earnings of $1.88 to $1.93 for the year, up from its previous range of $1.80 to $1.85.
Advancis Pharmaceutical Corp. (AVNC) reported a fourth-quarter net loss of $13.8 million, or 44 cents a share, compared with a net loss of $6.4 million, or 22 cents a share, in the year-ago period. Revenue at the Germantown, Md.-based company fell to $1.24 million from $1.62 million, while expenses rose to $14.9 million from $8.3 million in the same quarter last year. The company said it is working with an investment bank to explore strategic alternatives.
AngioDynamics (ANGO) swung to a fiscal third-quarter loss of $10.4 million, or 55 cents a share, from a profit of $1.88 million, or 14 cents a share, a year earlier. Excluding stock-based compensation, one-time acquisition costs and other items, earnings were $3.4 million, or 18 cents a share, up from $2 million, or 15 cents a share, a year ago. The Queensbury, N.Y., medical device company said net sales for the quarter ended March 3 rose 35 percent to $26.7 million from $19.8 million a year ago. AngioDynamics expects adjusted fourth-quarter earnings of 13 cents to 25 cents a share and revenue of $40 million to $43 million.
Arrow International Inc.'s (ARRO) fiscal second-quarter income grew more than 13 percent to $14.5 million, or 32 cents a share, from a year-earlier profit of $12.6 million, or 28 cents a share. The Reading, Pa., medical-device maker's net sales increased 7.7 percent to $125.5 million from $116.5 million a year earlier. The company continues to expect fiscal 2007 earnings of $1.40 to $1.48 a share on net sales of $515 million to $525 million.
George Perlegos, the former chairman and chief executive of Atmel Corp. (ATML) and the company's largest individual shareholder, said he plans to nominate eight directors to the board of the San Jose, Calif.-based chip maker. Perlegos, who was ousted last summer over alleged misuse of corporate travel expenses, had previously said that he planned to call a special shareholder meeting May 18 to nominate five members to Atmel's six-person board. However, if elected at the special meeting, the five directors would serve only until the next annual meeting of shareholders, which is scheduled for July 25, at which time Perlegos would support the eight director nominees he named Tuesday.
Bank of America Corp. (BAC) won federal approval to buy wealth-manager U.S. Trust Corp. and its subsidiary bank, U.S. Trust Company, the Federal Reserve said. U.S. Trust was formerly owned by Charles Schwab Co. (SCHW) . Bank of America announced its plan to buy U.S. Trust in November 2006 for $3.3 billion in cash. The combined entity becomes the largest U.S. manager of private wealth.
Beazer Homes USA Inc. (BZH) said in a statement that it "can not comment on or verify any investigation," following a report in the Charlotte Observer that federal authorities have launched a criminal inquiry into the company's business practices, including its role in arranging mortgage loans for buyers in its subdivisions. The Observer said its investigation into the home builder, published last week, found "the company's aggressive sales tactics were producing an unusually high rate of foreclosures in many of its Charlotte-area developments." Atlanta-based Beazer said in a statement that "based on our internal investigations to date, we have not found any evidence to support the allegations in the Charlotte Observer."
Brookfield Properties Corp. (BPO) said it has named Bryan Davis as chief financial officer, effective March 31. Davis was with Brookfield Asset Management for eight years, most recently as a managing partner and senior vice president of finance. Davis succeeds CFO Craig Laurie, who is moving to a new position at BAM.
CKE Restaurants Inc. (CKR) said it has closed an amended and restated $320 million senior secured credit facility. The facility consists of a five-year $200 million credit revolver and a six-year $120 million term loan, the Carpinteria, Calif.-based company said.
Forest City Enterprises Inc.'s (FCEA) (FCEB) fiscal fourth-quarter net earnings grew to $70.6 million, or 66 cents a share, from a year-earlier profit of $28.2 million, or 27 cents a share. Earnings from continuing operations rose to $30.7 million, or 29 cents a share, up from $10.7 million, or 10 cents a share, in the year-earlier period. The Cleveland-based real estate company's revenue increased 15 percent to $360.4 million from $313 million a year earlier.
H.B. Fuller Co.'s (FUL) first-quarter net income rose 36 percent to $20.8 million, or 34 cents a share, from $15.3 million, or 26 cents a share, a year earlier as revenue rose 5.6 percent. The St. Paul., Minn., chemical company's revenue grew to $351.8 million from $333 million in the year-ago period. For 2007, the company raised its per-share continuing operations earnings expectation to a range of $1.65 to $1.75 from a range of $1.58 to $1.68, previously.
Hewlett-Packard Co. (HPQ) sued rival PC maker Acer Inc. in a Texas court, alleging it infringed on five patents. The patents H-P claims were infringed include those covering technologies including power management and "clock switching." H-P competes with Acer in the market for personal computers. According to market research firm IDC, in the fourth quarter of 2006 H-P ranked first in the worldwide PC market, holding an 18.1 percent share, while Acer came in fourth, behind Dell Inc. and Lenovo, with a 7.1 percent share. In its complaint, filed in U.S. District Court for the Eastern District of Texas, HP seeks an injunction against Acer's sales of certain products and unspecified damages.
Ingram Micro Inc. (IM) said that Chairman Kent Foster plans to retire at the company's annual meeting on June 6. The Santa Ana, Calif.-based technology products distributor said it has named Dale Laurance to succeed Foster as chairman.
Landec Corp. (LNDC) reported fiscal third-quarter net earnings of $24.6 million, or 92 cents a chare, up from $3.5 million, or 13 cents a share, in the year-ago period. The 2007 third quarter included $20.6 million of income from the sale of FCD, Landec said. Revenue at the Menlo Park, Calif.-based maker of specialty polymer products fell to $53 million from $57.2 million in the same period last year.
Nexen Inc. (NXY) said it plans to implement a 2-for-1 stock split. Calgary, Alberta-based Nexen said, pending shareholder approval of the split at its annual meeting scheduled for April 26, the company expects to issues the new shares May 15 to shareholders of record as of May 10.
Norfolk Southern Corp. (NSC) said it has approved an increase in its stock repurchase authorization, to 75 million shares from 50 million shares. The Norfolk, Va.-based railroad operator also said the authorization term has been shortened by five years, to Dec. 31, 2010, from Dec. 31, 2015.
Vivus Inc. (VVUS) said its board has adopted a shareholder rights plan and amended its bylaws. Under the rights plan, Vivus will issue a dividend of one right for each share of its common stock held by stockholders of record as of April 13, the Mountain View, Calif.-based pharmaceutical company said. "The rights plan is designed to guard against partial tender offers and other coercive tactics to gain control of the company without offering a fair and adequate price and terms to all of Vivus's stockholders," the company said.
Xyratex Ltd. (XRTX) reported fiscal first-quarter net earnings of $10.1 million, or 34 cents a share, up 57 percent from $6.43 million, or 22 cents a share, in the same period last year. Excluding certain items, the company reported a profit of $11.9 million, or 40 cents a share, compared with $8.3 million, or 28 cents a share, last year. The U.K.-based data storage company said revenue in the quarter ended Feb. 28 rose 24.1 percent to $236.4 million from $190.5 million. Analysts polled by Thomson Financial were expecting a per-share profit of 31 cents on revenue of $230 million. The company expects fiscal second-quarter earnings in a range of a penny to 11 cents a share, or 9 cents to 19 cents a share excluding items, on revenue of $203 million to $218 million. Analysts are looking for a per-share profit of 16 cents on revenue of $210 million.
Copyright (c) 2006 MarketWatch, Inc.